问题
单项选择题
Which of the following statements is least accurate According to the quantity theory of money:（）
A. velocity is determined by institutional factors.
B. inflation is a function of increases in the money supply.
C. the price level is equal to the quantity of output divided by the money supply.
答案
参考答案：C
解析：
The equation of exchange states that MV = PY, so P = MV/Y. The other statements are true. According to the quantity theory of money, an increase in the money supply will cause a proportionate increase in prices, while velocity and real output are determined by institutional factors and are independent of the money supply.